New stock news: Wus Printed Circuit (002463.SZ) submitted a listing application to the Hong Kong Stock Exchange, with PCB revenue in the data center field ranking first globally.

According to the disclosure by the Hong Kong Stock Exchange on November 28th, Wus Printed Circuit Co., Ltd. (referred to as Wus Printed Circuit) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and HSBC as joint sponsors. The prospectus shows that Wus Printed Circuit is a global leading provider of PCB solutions in the fields of data communication and smart vehicles. The demand for AI-driven data centers is booming, especially in the areas of high-performance computing and data interconnection applications, which have become the core engine driving the company's performance growth. In addition, the rapid development of electric, intelligent, and networked cars also injects momentum into the company's long-term performance growth. As of the fiscal years ending on December 31st of 2022, 2023, 2024, as well as the six months ending on June 30th of 2024 and 2025, PCB product sales accounted for 95.2%, 95.9%, 96.3%, 95.6%, and 95.9% of the company's total revenue, respectively. According to research data, based on the revenue for the 18 months ending on June 30th of 2025, in the field of data centers, Wus Printed Circuit ranks first in global PCB revenue with a market share of 10.3%; the company ranks first globally in 22-layer and above PCB with a market share of 25.3%; the company ranks first globally in PCB revenue for switches and routers with a market share of 12.5%; the company ranks first globally in high-end HDIPCB for L2+ autonomous driving controllers with a market share of 15.2%. The effective production capacity, output, and production efficiency divided by production bases are as follows: Financial Data Revenue: In the fiscal years of 2022, 2023, 2024, and the six months ending on June 30th of 2024 and 2025, Wus Printed Circuit's revenues were approximately RMB 8.336 billion, RMB 8.938 billion, RMB 13.342 billion, RMB 5.424 billion, and RMB 8.494 billion, respectively. Profit: In the fiscal years of 2022, 2023, 2024, and the six months ending on June 30th of 2024 and 2025, Wus Printed Circuit realized profits of RMB 1.362 billion, RMB 1.49 billion, RMB 2.566 billion, RMB 1.128 billion, and RMB 1.678 billion, respectively. Industry Overview Based on sales revenue, the global PCB industry's market size reached $75 billion in 2024, with a compound annual growth rate of 3.6% from 2020 to 2024. It is expected that by 2029, the global PCB industry market size will reach $96.8 billion, with a compound annual growth rate of 5.2% from 2024 to 2029. By application field, the market size for data communication PCBs increased from $14.1 billion in 2020 to $21.8 billion in 2024, with a compound annual growth rate of 11.5%. The market size for automotive PCBs increased from $6.5 billion in 2020 to $9.2 billion in 2024, with a compound annual growth rate of 9.2%. The market size for industrial control PCBs and consumer electronics PCBs reached $2.5 billion and $38.5 billion, respectively, in 2020, and by 2024, the market sizes were $2.9 billion and $35.9 billion, respectively. The market size for automotive PCBs is expected to increase from $9.2 billion in 2024 to $11.5 billion in 2029, with a compound annual growth rate of 4.5%. The market size for consumer electronics PCBs is expected to increase from $35.9 billion in 2024 to $44 billion in 2029, with a compound annual growth rate of 4.1%. The market size for industrial control PCBs is expected to increase from $2.9 billion in 2024 to $3.4 billion in 2029, with a compound annual growth rate of 3.3%. By product structure, PCBs can be divided into single and double-sided PCBs, multi-layer PCBs, HDIPCBs, FPCs, and packaging substrates. In 2020, based on sales revenue, the global market sizes for single and double-sided PCBs, multi-layer PCBs, HDIPCBs, FPCs, and packaging substrates were $8.3 billion, $24.3 billion, $9.9 billion, $12.5 billion, and $10.2 billion, respectively. By 2024, the global market sizes for these types of PCBs were $7.9 billion, $28.6 billion, $12.8 billion, $12.8 billion, and $12.9 billion, with compound annual growth rates from 2020 to 2024 of -1.3%, 4.2%, 6.7%, 0.6%, and 6.0%, respectively. By 2029, the market size for multi-layer PCBs is expected to reach $33.8 billion, with a compound annual growth rate of 3.4% from 2024 to 2029. By 2029, the market sizes for packaging substrates, HDIPCBs, FPCs, and single and double-sided PCBs are expected to reach $20.1 billion, $18.4 billion, $15.5 billion and $9 billion, respectively. Based on sales revenue, the global market size for data center PCBs reached $12.5 billion in 2024, and this market size is expected to grow to $21 billion by 2029, with a compound annual growth rate of 10.9% from 2024 to 2029. From 2020 to 2024, the global market size for switch and router PCBs increased from $2.2 billion to $5 billion, with a compound annual growth rate of 23.3%. From 2024 to 2029, it is expected that this market will continue to grow at a compound annual growth rate of 15.2%, reaching a scale of $10.2 billion by 2029. The market size for AI server PCBs increased from $500 million in 2020 to $3.1 billion in 2024, with a compound annual growth rate of 58.8% from 2020 to 2024, and is expected to grow to $8 billion by 2029, with a compound annual growth rate of 20.8% from 2024 to 2029. Board of Directors Information The Board of Directors consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Equity Structure As of the last practicable date, Wus Printed Circuit is owned 75.82% by the Wu Ligang family and 24.18% by independent third party Ms. Mo Yue'e. Taiwan Nanzi Electric was founded by the Wu Ligang family, which no longer controls Taiwan Nanzi Electric since 2009. Jiangsu Shengwei Strategy is owned 84% by the Company and 16% by Schweizer, in which the Company holds 19.74% stake. On November 20, 2025, the Board decided to acquire an additional 15% stake in Jiangsu Shengwei Strategy from Schweizer. On November 25, 2025, the aforementioned share purchase was completed and Jiangsu Shengwei Strategy is now owned 99% by the Company and 1% by Schweizer. Wus Thailand is owned 99% by the Company and 1% by WUS Printed Circuit (Singapore) Pte. Ltd. (a wholly-owned subsidiary of Taiwan Nanzi Electric). Advisory Team Joint Sponsors: CICC and HSBC Corporate Finance (Hong Kong) Limited Wus Printed Circuit Legal Advisor: Regarding Hong Kong and US law: Nixon Peabody LLP (Hong Kong) Limited; regarding Chinese law: Tun He Law Firm Legal Advisor to Joint Sponsors: Regarding Hong Kong and US law: Sidley Austin LLP; regarding Chinese law: Global Law Office (Suzhou) Overseas Auditors and Reporting Accountants: PricewaterhouseCoopers Industry Consultant: Zhooshir Industry Advisory Limited Compliance Advisor: SOMERLEY CAP Limited